HDR's Mputa1 in Uganda will be drilling within three weeks, and the question arises-"What would a successful discovery mean to HDR as incremental value"?? If we assume 100 million bbls recoverable, and look to either an inland refinery to take the crude or a pipeline to the coast of some 1,600 km for export, we could assume a $value of $A10 per bbl when oil is now priced at $US59 [$A80]; and HDR would have 50%. Then our value would be 50x$A10 divided by 660 shares;[say] 75 cents per HDR extra. Thankyou MR Hardman.
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